In a concession to House Majority Leader Eric Cantor, R-Va., the bill includes a requirement that Treasury Secretary Timothy Geithner initiate a dialogue with trading partners aimed at "substantially reducing" export financing subsidies.

"Make no mistake I am no fan of government subsidies. Export subsidies distort the free market and global trade. And in a perfect world the Ex-Im Bank and its counterparts in Europe and Asia and elsewhere would not exist," Cantor said.

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